A liner hanger/packer apparatus operates by sequential expansion of a slip ring and then a sealing element. The hanger slips are set by pressure on a seated ball actuating anchor slips to grip followed by a stroker assembly and a swage making a first movement. The ball seat is defeated and the liner is cemented. A pickup force extends landing dogs so that a subsequent set down force releases a flapper to close and closes off fluid ports associated with the anchor slips so that pressure on the closed flapper sets the anchor and strokes the swage a second stroke to set the sealing element. A rupture disc breaks in the flapper after further relative movement of mandrel components to open the fluid displacement ports so that the anchor is in pressure balance to backpressure developed from fluid moving through the now broken disc as the running tool is removed.